Don't Ignore This Chart!

Halliburton (HAL) Heads For Higher Ground


Halliburton has been basing for a few months now. Today, Halliburton climbed out of the valley and started rising higher. With the price action searching for higher ground, the stock is also starting to outperform on the SCTR. This is the first time the SCTR has moved above 50 in 9-months. The Relative Strength to the $SPX is trying to move above a downtrend.

The price action is very bullish, as it has broken through resistance and breaking to $46. Volume has been heavy most of December and the MACD is trending up with the two lines separated. A look across other drillers suggests this Halliburton chart is one of the better ones, but the majors within the industry are finding support and look ready to start moving.

Good trading,
Greg Schnell, CMT, MFTA

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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